Noah Sharp, CEO of Vodeno, and Neil Chandler, CEO of Aion Bank, talk about how Vodeno’s unique platform works alongside Aion Bank’s ECB license to enable non-financial companies to offer banking services without regulatory burdens.
The ultimate bank and technology combination
Sharp explains Vodeno’s unique positioning as a robust BaaS and embedded finance platform built entirely on the cloud and a private blockchain, where the ledger is managed by smart contracts.
Not only that but their platform is complemented by Aion, a regulated bank based in Belgium, a tier-one regulatory jurisdiction, facilitating the distribution of regulated services and ensuring compliance. This combination allows Vodeno to serve both non-financial companies looking to offer financial services without becoming regulated entities and regulated firms needing specific solutions without the full regulatory burden.
To explain more, Chandler emphasises how important regulatory compliance is and points out that many BaaS providers face challenges because they underestimate the importance of regulation. Our guests avoid this pitfall by being intrinsically connected, with Aion Bank’s full banking license ensuring that regulatory obligations are taken seriously.
Embedded banking is the future
Companies must often adopt localised approaches to handle payments effectively, which complicates centralisation efforts. Here, BaaS providers play a crucial role, offering more comprehensive financial services than simple payment service providers (PSPs), especially when deeper financial functionalities such as credit lending or deposit protection are required.
Embedded banking, or embedded financing, is highlighted as a customer-centric approach, operating on a B2B2C model. This means the bank’s products are designed to meet the end customer’s needs, often delivered through retailers or marketplaces.
For example, customers don’t want a Buy Now, Pay Later (BNPL) service for its own sake; they want the product it helps them acquire. Aion Bank and Vodeno understand this dynamic, focusing on providing digital experiences that align with customer desires.Curious about how Banking-as-a-Service and embedded finance can empower non-financial companies to provide banking services effortlessly? Contact Vodeno today to find out more.
